Most N.J. homeowners' property taxes cut 20%

April 04, 2007

TRENTON, N.J. (AP) -- Gov. Jon S. Corzine signed legislation Tuesday to give most homeowners a 20 percent cut in the nation's highest property taxes and to cap annual property tax increases at 4 percent. New Jersey property taxes average about $6,330 per homeowner, or twice the national average, and have increased at 7 percent per year. "This is the double-dose of property tax reform and relief taxpayers have asked for and so desperately need," said Assembly Speaker Joseph Roberts Jr. Not everyone was as optimistic. Cy Thannikary, 73, who has watched property taxes climb on his small retirement community home in Upper Freehold, called the bill a "pre-election show-and-tell" and said it wasn't much different than previous efforts. "What they are giving us a shell game," Thannikary said. Republicans have questioned whether the cut can be sustained after this year. Under the legislation, households earning up to $100,000 will get a 20 percent cut. Those earning up to $150,000 will get a 15 percent cut, and households earning up to $250,000 will get a 10 percent cut. The cut will average $1,051 per household.